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In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

Europe's Deepening Recession

The official GDP data worsens

Reckless Lending 2.0

The Poway, CA Ponzi

Anticipating a Big Move for Gold

After nearly a year of range-bound trading

So far the summer has been relatively dull, especially while the world has been glued to the Olympic action in London. The same risks we've been watching all year are all still in play, but there have been few newsworthy catalysts (up or down) of late. With things becalmed, it's hard not to sound like a broken record in ringing the same warning bells that we've rung all year. But despite the lack of developments (perhaps in spite of them, given that no fundamental risks are improving), Chris and Mish are very unnerved by the current doldrums. Digging under the calm waters, they find Europe's downward slide is deepening, as well as shockingly irresponsible lending practices that show we haven't departed from the nefarious behavior that caused the 2008 credit bust.